Adnoc Gas saw its bottom line grow 13% y-o-y in 2024 to USD 5 bn in 2024, according to an ADX disclosure (pdf) of unaudited financial results published on Thursday. The firm’s top line rose by 7% y-o-y to USD 24.43 bn during the same period.

Behind the numbers: The company’s solid performance was driven by a 2% increase in sales volumes supported by higher contributions from ADNCO LNG and high demand for domestic gas, boosting “volume growth and improved pricing,” according to its earnings release (pdf).

On a quarterly basis: Adnoc Gas’ net income increased 3% y-o-y to USD 1.38 bn in 4Q 202, while its revenues grew 3% y-o-y to USD 2.28 bn during the same time period. The strong quarterly performance was attributed to a “richer mix of gas, producing more liquids, and improved commercial terms in the domestic market,” according to the earnings release.

LNG expansion plans ahead: Adnoc Gas is set to acquire a 60% stake in the Ruwais LNG project from its parent group Adnoc in 2H 2028for an estimated USD 5 bn, and will dispatch the first cargo from the Ruwais facility in late 2028. It also expects global gas demand to rise 14% by 2040, as new industries such as data centers, coupled with population growth, will drive demand for the ‘transition fuel,’ with plans to add some 9.6 mn tons of LNG to its export portfolio from the Ruwais plant.

ABU DHABI SHIP BUILDING-

Abu Dhabi Ship Building (ADSB) reported a 92% y-o-y increase in net income to AED 77.3 mn in 2024, according to its earnings release (pdf). Revenues rose 19% y-o-y to AED 1.5 bn, driven by progress on key contracts, including the Falaj3 contract for four offshore patrol vessels for the UAE Navy and progress on the BR71 MKII corvettes, ADSB-designed patrol boats, and logistical support for the Angolan Navy. The company also delivered two Adnoc tugboats and advanced its Small Boat, MRO, and Mission Systems segments.

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